Wednesday, September 28, 2005

Adelphia Files Third Amended Plan of Reorganization

Adelphia Communications filed a third amended plan of reorganization with the U.S. Bankruptcy Court for the Southern District of New York.

The company said its third filing represents continued progress toward a definitive outcome of the Adelphia bankruptcy case. It is expected that significant negotiations will continue regarding the terms of the proposed plan of reorganization and disclosure statement as the constituents work through a number of inter-creditor issues.

  • In April 2005, Adelphia announced that it had reached definitive agreements for Time Warner and Comcast to acquire substantially all the U.S. assets of Adelphia for $12.7 billion in cash and 16 percent of the common stock of Time Warner's cable subsidiary, Time Warner Cable Inc.

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